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Article Fourteen
No: 42039135 | Date(g): 25/1/2021 | Date(h): 12/6/1442 | Status: In-Force |
Effective from 2021-01-25 - Jan 24 2021
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Upon receiving the lessor's request forthe issuance of extract of executive bond for the delivery of the fixed asset and verifying the lessor's entitlement, the Contract Registration Company will undertake the following procedures:
- Obtain a confirmation from the lessor regarding their right to request the repossession of the asset from the lessee, ensuring that the lease contract permits this, and attach all supporting documentation for the request.
- For individual real estate financing contracts, notify any housing support programs at the Ministry of Housing (if applicable) of the lessor's intent to repossess the asset from the lessee and provide them with all required information according to the form approved by the Contract Registration Company. This is to assess whether the lessee (individual) meets the support criteria established by the ministry (if applicable).
- If there are no support programs at the Ministry of Housing, or if the lessee (individual) does not meet the support criteria, the Contract Registration Company will issue an executive bond for the repossession of the asset and provide it to the lessor, including the contract number and date, place of payment, place of issuance, date of the bond, lessor's name, lessee’s name, amount due, current payments, and asset ownership details.